tax Archive
Will Congress Turn Democratic Tax Hikes Turn Into Bipartisan Tax Cuts?
March 24, 2022
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TweetShareSharePin0 Shares A funny thing happened to the trillions of dollars of proposed tax increases on corporations and high-income households that were high on the agendas of President Biden and congressional Democrats just a year ago: They seem to have, at least for now, fallen into a deep Capitol Hill hole. And they’ve been replaced
Will Congress Turn Democratic Tax Hikes Into Bipartisan Tax Cuts?
March 24, 2022
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TweetShareSharePin0 Shares A funny thing happened to the trillions of dollars of proposed tax increases on corporations and high-income households that were high on the agendas of President Biden and congressional Democrats just a year ago: They seem to have, at least for now, fallen into a deep Capitol Hill hole. And they’ve been replaced
Arizona Flat Tax? Potential for a Flat Income Tax in AZ
March 24, 2022
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TweetShareSharePin0 Shares The saga of Proposition 208, Arizona’s income surtax, appears to have finally reached its conclusion but some structural uncertainly remains. The initiated state statute, which assessed a 3.5 percent surtax on income over $250,000 ($500,000 for joint filers), was approved by voters on Election Day 2020. But by the end of November, a
TIGTA: IRS inefficiencies worsened backlog
March 23, 2022
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TweetShareSharePin0 Shares While the pandemic and law changes were primarily responsible for the IRS’s inability to meet timeliness standards for the majority of taxpayers’ cases last year, inefficiencies in staffing, equipment, and procedures also contributed to the lag, the Treasury Inspector General for Tax Administration (TIGTA) said in an audit report. The report, titled Program
Maryland Digital Advertising Tax Litigation Focus Moves to State Courts
March 23, 2022
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TweetShareSharePin0 Shares When is something a tax for purposes of the Permanent Internet Tax Freedom Act but not a tax for purposes of the Tax Injunction Act? It sounds like the world’s dullest riddle, but it was an actual question posed in federal court. There are some genuinely good answers to the question, but the
New Jersey Inflation Tax Policy: Inflation-Indexing Could Protect Taxpayers
March 23, 2022
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TweetShareSharePin0 Shares Households across the country are struggling with the effects of high inflation. We usually think of inflation in terms of higher prices which erode purchasing power, but the interaction of inflation with tax codes hit many taxpayers with a one-two punch. Not only do taxpayers’ incomes not go as far, but a greater
Confusion Over Attorney’s Fees in Ninth Circuit Stems from Statute and Regulation…
March 23, 2022
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TweetShareSharePin0 Shares Today we welcome back Maria Dooner. Maria is a practitioner-in-residence at the Janet R. Spragens Federal Tax Clinic at American University’s Washington College of Law. She returns to help us understand the 9th Circuit’s recent decision regarding attorney’s fees. Keith As Keith discussed here, the Ninth Circuit recently issued its opinion on Tung
Maybe Tax Oil Profits, The Rich, But Not Gasoline…
March 23, 2022
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TweetShareSharePin0 Shares Matheson: A petroleum profit tax would be efficient and progressive. Source link TweetShareSharePin0 Shares
Individual taxpayers must answer cryptoasset question, IRS notes
March 22, 2022
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TweetShareSharePin0 Shares The IRS highlighted in a news release that all filers of Forms 1040, U.S. Individual Income Tax Return, 1040-SR, U.S. Tax Return for Seniors, and 1040-NR, U.S. Nonresident Alien Income Tax Return, must answer the forms’ question regarding virtual currency. The question, which on Form 1040 is just below the address block, asks,
2022 Kentucky Budget Tax Proposal
March 22, 2022
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TweetShareSharePin0 Shares Like many states, Kentucky is experiencing another year of robust budget surpluses while projecting several years of continued revenue growth, and policymakers are looking for ways to return some of the extra tax collections to taxpayers as they budget for the upcoming fiscal biennium. With regular legislative proceedings winding down, the House and
